Third Point’s Daniel Loeb (Trades, Portfolio) today disclosed a stake in Kadmon Holdings (NYSE:KDMN), a biopharmaceutical company that went public on July 26. The company has a famous founder, Sam Waksal, who also created ImClone before his involvement in insider trading led to SEC restrictions and prison.
As of Monday, Loeb has reported owning 17% or 7,611,844 shares of the company, according to Real Time Picks, though he has both recent interest and a long history with it. In its pre-IPO prospectus, Loeb is listed as 13.6% owner with 6,113,020 shares, consisting of common and convertible membership units, as one of its biggest investors. Yet his investment dates back even further, to at least April, when Kadmon converted from a limited liability company to prepare for an IPO, according to filings. The company did go public, for $12 a share, and Loeb took advantage of its post-IPO dip to buy 66,828 shares on the public market on Aug. 4-5 at prices around $9.90. Continue Reading »